CASH Financial Services Group Ltd. fintech unit Weever FinTech Ltd. agreed to issue new shares to Higgs Block Technology Pte. Ltd. for US$5 million.
The 500,000 new shares represent 5% of the issued share capital of Weever FinTech, according to a June 11 release.
After completion, CASH Financial Services Group will hold a 76.10% stake in Weever FinTech, while Celestial Asia Securities Holdings Ltd. will hold an 18.90% stake. Higgs Block will own a 5% stake.
The deal is expected to be completed Oct. 30.
Funds from the share issue will be used for the development of Weever FinTech's digital assets brokerage services business.